Commissions

Commissions Disclosure: Biz Broker Ltd t/a Clarke & Conlon Insurance Brokers act as intermediary (Broker) between you, the consumer, and the product provider with whom we place your business.

The background: Pursuant to provision 4.58A of the Central Bank if Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on the website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.

What is commission?: For the purpose of this document, commission is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of commission is generally directly related to the quantity or value of the products sold.

There are different types of commission models:

Single Commission model: Payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.

Trail/Renewal commission model: Further payments at intervals are paid throughout the life span of the product.

Indemnity commission: Indemnity commission in the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned.

Other forms of indemnity commission are advances of commission for future sales granted to intermediaries in order to assist with set up costs or business development.

General Insurance Products

General insurance products, such as motor, home, travel, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.

Profit Share Arrangements

In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product

providers on a client’s behalf will be placed with the product provider because that product

provider is at the time of placement, the most suitable to meet the client’s requirements, taking

all the client’s relevant information, demands and needs into account.

 

Life Assurance/Investments/Pension Products

 

For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail relating to accumulated fund.

Trail commission, bullet commission, fund based or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund.

 

Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.

 

Investments

 

Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund.

 

Credit Products/Mortgages

 

Commission may be earned by intermediaries for arranging credit for consumers, such as mortgages. The single, or standard, commission model is the most common commission model applied to the sale of mortgage products by mortgage credit intermediaries (Mortgage Broker).

 

Clawback

 

Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer.

 

Fees

 

Biz Broker Ltd t/a Clarke & Conlon Insurance Brokers may also be remunerated by fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees.

 

Please Note

 

The enclosed commission guidance section gives indicative values across every product provider and every product advised whereby a commission or fee is received within our business. This is the maximum our Brokerage will take and is subject to change, in certain cases our Brokerage may take a different remuneration than the enclosed percentages/amounts. This will be disclosed to each client as per the Central Bank Consumer Protection Code regulations, on a client by client basis.

 

Other fees, administrative costs/non-monetary benefits

Biz Broker Ltd t/a Clarke & Conlon Insurance Brokers may also be in receipt of non-monetary benefits such as:

  • Attendance at, and participation in, Insurer/Lender (or other Product Provider) conferences, seminars, webinars, and other training events
  • Assistance with advertising/branding
  • Co-Branded literature
  • Hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar, or other training
  • Industry educational seminars

 

  • Other minor benefits that can enhance the quality of the service provided to consumers and

do not impair the firm’s duty to act in the best interests of the consumer.

 

Further detail on the providers we work with, the products we sell and the maximum commissions available to us are outlined below.

 

 

 

 

 

Max Commission (% Single/ Renewal)

ALAN B. KIDD & CO. LTD T/A

KIDD INSURANCES Allianz p.l.c.

  • Commercial Combined up to 15%
  • Combined Liability up to 10%
  • Commercial Vehicle up to 5%
  • Engineering up to 15%
  • Fleet up to 5%
  • Goods in Transit up to 20%
  • Household up to 15%
  • Office up to 15%
  • Personal Accident up to 15%
  • Private Car up to 5%
  • Professional Indemnity
  • Property Owner up to 15%
  • Public Liability up to 15%
  • Shop up to 15 %

 

Angel Risk Management Limited

  • Professional Indemnity up to 25%
  • Professional Liability up to 25%

Arachas Corporate Brokers Limited t/a Arachas

  • Liability up to 10%
  • Accidental Damage up to 10%
  • Public Liability up to 10%

 

AXA Insurance DAC

  • Art up to 20%
  • Commercial Combined up to 15%
  • Commercial Vehicle up to 10%
  • Goods in Transit up to 20%
  • Farm up to 5%
  • Fleet up to 5%
  • Hackney up to 5%

 

  • Household up to 20%
  • Office up to 5%
  • Private Car up to 10%
  • Public Liability up to 15%
  • Shop up to 5%
  • Tractor up to 5%
  • Travel up to 20%

Benchmark Underwriting Limited

  • Household up to 15%
  • Office up to 22%
  • Professional Indemnity up to 20%
  • Property Owner up to 20%
  • Shop up to 22%

Joseph G Brady Insurance Ltd

  • Comb Liability up to 15%
  • Commercial Combined up to 15%
  • Public Liability up to 10%
  • Business Protect up to 15%
  • Event insure Product up to 10%
  • Legal Expenses up to 10%

 

Citynet Underwriting Services, Citynet and Cobra London Markets are trading names of Citynet Insurance Brokers Ltd

  • Commercial Liability up to 5%
  • Commercial Combined up to 5%

 

Cover Centre Insurance Ltd

  • Commercial Vehicle up to 6%
  • Household up to 15%
  • Landlord up to 15%
  • Owner occupied up to 15%

Dolmen Insurance Brokers Ltd

  • Caravan up to 0%
  • Household up to 15%
  • Property Owner up to 15%
  • Public Liability up to 0%

Fingal Insurance Group DAC

  • Accidental Damage up to 5%
  • Commercial Vehicle up to 5%
  • Contractors all risks up to 10%

 

  • Professional Indemnity up to 10%
  • Property Owner up to 10%
  • Special Types up to 5%

Frost Insurance Ltd t/a Frost Insurance

  • Professional Indemnity up to 15%
  • Commercial Combined up to 15%
  • Property Owner up to 15%
  • Public Liability up to 15%
  • Restaurant up to 15%
  • Self-Build up to 12%
  • Shop up to 15%

 

 

Imperium Insurance Management (Ireland) Ltd trading as iSure Underwriting

  • Commercial Combined up to 15%
  • Property Owner up to 15 to 19%
  • Public Liability up to 15%
  • Shop up to 15%

 

Underwriting and iFarm Underwriting

  • Commercial Insurance 0-21%

 

KennCo Underwriting Ltd T/A KennCo Insurance

  • Commercial Combined up to 15%
  • Commercial Vehicle up to 25%
  • Motor Trade up to 5%
  • Private Car up to 5%
  • Professional Indemnity up to 15%
  • Public Liability up to 5-10%

 

Leadenhall Insurance

  • Professional Indemnity up to 20%

London Ireland Market Exchange Limited

  • Fleet up to 5%

Motorists Insurance Services Ltd

  • Excess Protection up to 40%
  • Household up to 20%
  • Travel up to 5%

Optis Insurances Limited t/a Optis Insurance

  • Combined Liability up to 15%
  • Commercial Combined up to 15%

 

  • Contractors All Risks up to 15%
  • Office up to 15%
  • Personal Accident up to 15%
  • Professional Indemnity up to 20%
  • Property Owner up to 5%
  • Public Liability up to 15%
  • Self-Build up to 15%
  • Shop up to 15%

Prestige Underwriting Services Limited

  • Commercial Combined up to 15%
  • Commercial Vehicle up to 8%
  • Household up to 15%
  • Motor Trade up to 10%
  • Private Car up to 8%
  • Public Liability up to 15%
  • Professional Indemnity up to 5%

 

 

Robertson Low Insurances Ltd t/a Lark Music

  • COMB Liability up to 10%
  • Commercial Combined up to 10%
  • Profession Indemnity up to 10%
  • Contents up to 10%
  • Commercial up to 10%

Sutton Specialist Risk Ltd

Service and Maintenance up to 12.5%

Thomond Underwriting Limited

  • Liability up to 15%
  • Commercial Combined up to 15%
  • All Risks up to 15%
  • Public Liability up to 15%

Wrightway Underwriting Limited

  • D. Fire/Theft up to 10%
  • Accidental Damage up to 5%
  • Liability up to 12%
  • Commercial Motor up to 5%
  • All risks up to 15%
  • Employers Liability up to 5%
  • Engineering Ins up to 5%
  • Goods in Transit up to 8%
  • Haulage Single Vehicle up to 5%

 

  • Home up to 20%
  • Marine Boat Ins up to 10%
  • Mechanical Plant up to 5%
  • Motor Fleet up to 5%
  • MS up to 5%
  • Private Motor up to 5%
  • Public Liability up to 5%
  • Tractor up to 5%

The Underwriting Exchange (Ireland) Limited

  • Commercial Combined up to 15%
  • Property Owner up to 10%
  • Public Liability up to 10%

 

 

 

Agency Agreements Box

American International Group, Inc

  • Commercial Combined up to 5%
  • Directors & Officers up to 20%
  • Marine up to 21%
  • Office up to 20%
  • Professional Indemnity up to 5%
  • Property Owner up to 20%
  • Shop up to 20%
  • Travel up to 20%

Aiken Insurances Ltd 0-10%

  • Commercial Combined up to 10%
  • Professional Indemnity up to 10%
  • Property Owner up to 10%
  • Public Liability up to 10%

Aon Ireland Limited t/a

  • Combined Liability up to 10%
  • Commercial Combined up to 15%
  • Marine up to 5%
  • Personal Accident 10 to 20%
  • Professional Indemnity 10%

April

  • Income Protection 5%

ARB Underwriting LTD

 

  • Commercial Combined 10 to 15%
  • Commercial Vehicle up to 5%
  • Internal Risks up to 10%
  • Motor Trade up to 5%
  • Private Car up to 5%
  • Travel up to 20%

Aviva Direct Ireland Limited

  • Accidental Damage up to 15%
  • Agricultural Vehicle up to 5%
  • Commercial Combined up to 20%
  • Commercial Vehicle up to 10%
  • Contractors all risks up to 15%
  • Engineering up to 15%
  • Farm up to 15%
  • Fire up to 14%
  • Fleet up to 5%
  • Hackney up to 5%
  • Hearse up to 20%
  • Household up to 5%
  • Marine up to 78%
  • Multi Vehicle up to 5%
  • Office up to 15%
  • Private Car up to 10%
  • Property Owner up to 20%
  • Shop up to 15%
  • Special Types up to 9%
  • Surgery up to 15%
  • Travel up to 10%

 

 

Bradshaw Bennet Ltd

Pest Control up to 10%

 

 

Citynet Insurance Brokers Ltd

  • Combined Liability up to 10%
  • Commercial Combined up to 10%

Coast Underwriting Ltd

  • Commercial up to 10%

 

 

Cover centre Insurance Ltd

 

  • Commercial Vehicle up to 6%
  • Household up to 15%

 

 

ARAG Legal Protection Limited

  • Legal expenses up to 25%

HCC International Insurance Company plc Tokio Marine Group of Companies 0-10%

  • Public and Employers Liability up to 10%
  • Combined Liability up to 10%
  • Contractors combined up to 10%

Dolmen Insurance Brokers ltd

  • Home up to 10%
  • Property Owners up to 10%
  • Public Liability up to 10%
  • Self-Build up to 15%
  • Professional Indemnity up to 10%
  • Home and Contents Insurance up to 15%
  • Commercial up to 20%

Ecclesiastical Insurance Office plc

  • Commercial Combined up to 15%
  • Heritage up to 15%

 

 

Everest Re Group, Ltd

  • Commercial up to 20%

Ipors Insurance Professionals

  • Commercial Combined up to 15%
  • Property Owners up to 15%

Europa

  • Liability up to 10%

 

 

Lime

Commercial Combined up to 10%

Leisure Insurer LLP

  • Combined Liability up to 10%
  • Commercial Combined up to 10%
  • Public Liability up to 10%

 

Microelectronics Industry Design Association (MIDAS) Ireland Company Limited

  • Household up to 5%

Insurance Group Ltd. OBF Insurance Group Ltd

  • Home and Contents up to 12%

O’Driscoll O’Neil DAC t/a

  • Travel Insurance up to 15%
  • Commercial up to 15%

Optis Insurances Limited t/a Optis Insurance

  • Commercial up to 20%
  • Professional Indemnity up to 20%
  • Personal Accident Insurance up to 15%
  • Liability up to 15%
  • Commercial up to 5%

 

 

Patrona Underwriting Ltd

  • Personal up to 5%
  • Commercial Combined up to 10%
  • Commercial Vehicle up to 5%
  • Household up to 15%
  • Private Car up to 5%
  • Special Types up to 5%

Presitige Underwriting Services Ireland

  • Guest House up to 5%
  • Home up to 15%
  • Motor Trade Combined up to 5%
  • Motor Trade RD Risk up to 10%
  • Private Motor up to 8%
  • Professional Indemnity up to 10%
  • Travel up to 25%

 

 

RSA Insurance Ireland DAC

  • Accidental Damage up to 15%
  • Commercial Combined up to 20%
  • Commercial Vehicle up to 5%
  • Engineering up to 15%
  • Fleet up to 10%
  • Household up to 20%
  • Office up to 22%

 

  • Private Car up to 8%
  • Shop up to 22%
  • Special Types up to 15%
  • Travel up to 20%
  • Professional Indemnity up to 5%
  • Liability up to 20%
  • Home contents up to 20%

 

 

Securus Insurance Ltd

  • Directors and Officers up to 10%
  • Household up to 5%
  • Private Car up to 5%
  • Professional Indemnity up to 10%
  • Public Liability up to 10%
  • Travel Insurance up to 10%
  • Liability up to 10%
  • Commercial up to 15%

Sertus Underwriting Limited

  • Private Car up to 5%

The Travelers Indemnity Company

  • Commercial Combined up to 20%
  • Liability up to 20%
  • Directors and Officers up to 20%
  • Property Owner up to 20%

Specialist Underwriting Services

  • Professional Indemnity up to 15%
  • Restaurant up to 15%
  • Travel up to 10%
  • Personal Accident up to 10%
  • Liability up to 5%
  • Commercial up to 15%

Thomond Underwriting Limited

  • Commercial Combined up to 15%
  • Contractors all risks up to 15%
  • Cyber up to 12%
  • Personal Accident up to 10%
  • Professional Indemnity up to 5%
  • Property Owner up to 15%
  • Public Liability up to 15%
  • Shop up to 15%

 

Willis Risk Services Ltd

  • Combined Liability up to 15%
  • Commercial Combined up to 15%
  • Commercial Vehicle up to 10%
  • Fleet up to 7%
  • Internal Risks up to 3%
  • Motor Trade up to 5%
  • Multi Vehicle up to 8%

Wrightway Underwriting Ltd

  • Commercial Vehicle up to 15%
  • Contractors all risks up to 15%
  • Fleet up to 5%
  • Household up to 5%
  • Private Car up to 5%
  • Public Liability up to 12%
  • Special Types up to 5%

 

 

Sutton Specialists Insurance Ltd

Electronics up to 12.5%

XS Direct Insurance Brokers Ltd

Private Car up to 5%

 

 

t/a Yachtsman Euromarine, Yachtsman Marine Insurance, Yachtsman Seguro de Barcos

  • Personal & Commercial up to 10%

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